About 70 people celebrated with Bay Financial Mentors for the 50th anniversary. Photo / Zoe Hunter
About 70 people celebrated with Bay Financial Mentors for the 50th anniversary. Photo / Zoe Hunter
Tauranga people have racked up $12 million more debt than a year ago as the needs of a financial mentoring service's clients become more complex than ever.
Shirley McComb, general manager of Bay Financial Mentors Tau Awhi Noa, formerly Tauranga Budget Advisory Services, said clients seeking budget advice had accumulated $67m in debt in the last year up on the $55m the previous year.
McCombe said clients' needs were more complex than ever before.
"Families/whanau are less connected, housing is less available, food security is a huge concern, and debt is huge and so readily available."
McCombe's comments come as the service marked 50 years, and a new name, at a function on Thursday.
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"The needs are greater, the challenges more complex. It is why it is so important that the sector work as one."
The plan now was to "turn the tide", she said.
"To get people engaging earlier, to focus on prevention while continuing to respond to those in need.
"I want to remove the embarrassment that accompanies seeking help and for people to acknowledge that we all have times in our lives we need to call those around us.
"That connection and commitment to each other strengthens communities and makes us more resilient."
The service now offered education programmes, Total Money Management and services for those who were homeless or at risk of being homeless.
"We also work with clients who receive District Health Board or Ministry Of Housing funding to help them manage their funding over the contract period and we work with businesses too."
McCombe said she was hugely proud of what the service had achieved.
"People do this sort of work because they care about people and, when they see they have made a real difference to clients, it fills their tank."
McCombe said the reason behind the name change was that it was no longer just a budget service.
"The majority of our work is mentoring, negotiating and advocacy. Creating the budget is just a small part of a much bigger picture."
They also wanted the new name to reflect the wider area they covered.
"We are a service for everyone, whether they need to see us once or over and over until they are ready to go it alone."
Tauranga Budget Advisory Services has rebranded to Bay Financial Mentors Tau Awhi Noa. Pictured: Shirley McCombe. Photo / Zoe Hunter
At the event, Bay Financial Mentors Tau Awhi Noa chairwoman Terese James said the new name Bay Financial Mentors Tau Awhi Noa reflected the organisation's growth and the change needed to provide the services and support a diverse community.
"Because that is the real challenge we are facing in Tauranga."
James said financial well-being was just as important as mental well-being.
"Right now, we are accompanying people who are in financial crisis.
"If we support people to have better financial skills and management they will have better lives.
"We need to change people's attitudes and culture around money."
Tauranga MP Sam Uffindell, who was at the celebration, said Bay Financial Mentors' ability to work with people and teach them about budgeting had a positive impact on people's lives.
"This is the kind of service I would love to see rolled out more readily and extended into schools."
Teaching young people how to budget and save for their future would ensure a long-term understanding of finances, he said.
